Energy storage industry takes advantage of policy reykjavik

Is Iceland a sustainable country?

Consideration is made for an economically sustainable society and emphasises Iceland’s advantage in sustainable energy production, energy exchange, energy efficiency, and efficient use of multiple energy sources. It outlines Iceland’s goal of 55 per cent reduction in net greenhouse gas emissions by 2030 and carbon neutrality by 2040.

What is Iceland's Energy Vision?

The vision depicts Iceland as a leader in the transition towards renewable energy, sustainable energy production and improved energy efficiency. Finally, the environmental impact of energy development and use is minimized (Cabinet of Iceland and Ministry of Industries and Innovation 2020).

How much energy does Iceland save a year?

The federation of employers in Iceland have assessed that compared to the average energy mix used to heat houses in OECD countries, each household in Iceland saves approximately 5,200 euros per year in heating expenditures (Federation of employers, personal communication).

What is the energy system like in Iceland?

Unlike most countries in the world the Icelandic energy system is mainly driven by domestic renewable energy, with an over 85 per cent share of renewables in primary energy supply in 2020 (Orkustofnun 2021).

Is Iceland a renewable energy leader?

Iceland, despite its inherent risks, has transformed into a renewable energy leader. The government of Iceland has set ambitious targets in their green-transition. Unlike most countries, Iceland aims to be at net-zero emissions by 2040 instead of 2050. The unique geology of the island has been capitalized on to achieve this status.

Does Iceland have a holistic energy policy?

Aware of the lack of a holistic energy policy, the Icelandic government in 2018 nominated an 18-person committee with representatives from all political parties and four ministries, in addition to three academics (Cabinet of Iceland and Ministry of Industries and Innovation, 2020).